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Cyprus Investment Programme

New Changes Of The Cyprus Investment Programme

On Friday, the 31st of July 2020, the Cyprus Parliament has voted the revised legislation and regulations of
the Cyprus Investment Program. The new finalized document of the legislation is expected to be officially
published this week.
Below, you will find an outline of the amendments/additions that were voted:

 

1. The financial criteria of the program has remained the same, that is an investment of €2,000,000 is
required plus acquiring a residency of at least €500,000 plus VAT. In the case that the investment of
€2,000,000 is in residential property, then no additional residency is required to be purchased.
However, the investor is not allowed anymore to set up a land developing company as per of his/her
investment plan.

 

2. Donation amount has increased to a total €200,000 (€100,000 and €100,000)

 

3. Parents of both the investor and his/her spouse can now apply provided that they acquire a
residency of at least €500,000 plus VAT for each side. The new amended regulation provide also the
option to acquire a combined property of at least €1,000,000 plus VAT for both applications.

 

4. The funds in regards to the Investment should be wired to Cyprus from an overseas private account
of the investor and/or his/her company’s account.

 

5. A definition of a Politically Exposed Person has been clearly set and any investor has the right to
apply, as long as he/she has given up his state office 12 months prior to the application date (instead
of 3 years)

 

6. Criminal record can be issued 6 months prior to the application (instead of 3 months)

 

7. The Government has the right to revoke the Cyprus Citizenship if some conditions occur which are
clearly defined in the new regulations. An independent committee is to be formed in order to
examine such cases and provide opinions to the Council of Ministers.

 

8. All the applications that were submitted after the 31st of December 2019 are eligible to be examined
based on the new regulations.
If you have any questions or you need any clarifications on the above please do not hesitate to
contact us.